EU proposes sanctioning Russian shipping giant Sovcomflot, reports Bloomberg News

(Reuters) – The European Union is proposing to sanction Russian oil shipping giant Sovcomflot PJSC in a bid to limit the Kremlin’s ability to finance its war against Ukraine, Bloomberg News reported on Tuesday, citing a document it consulted.

The move would follow similar punitive measures imposed on Russia’s major oil group in early 2024 by the United States, with Washington pushing to tighten the screws on Moscow over its war in Ukraine that Russia launched in 2022.

In a rare admission by a major Russian company of the damage Western restrictions are causing against Moscow, the head of Sovcomflot said last week that US sanctions could impact this year’s revenues and have limited ‘company’s activity.

The company did not immediately respond to Reuters’ request for comment on the possibility of EU sanctions.

The European Commission declined to comment on the Bloomberg report, saying the Council never comments on a possible listing before the decision is finalized.

Sovcomflot, previously one of the world’s leading tanker operators, transported 75 million tonnes of oil in 2023, mainly to markets in China, India and the Mediterranean.

(Reporting by Mrinmay Dey in Bangalore and Lidia Kelly in Melbourne; editing by David Gregorio and Louise Heavens)

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